Iron ore magnate Gina Rinehart has bankrolled the purchase of a 9.15% stake in Southern Cross Media Ltd (ASX: SXL) by former Seven Network commercial director Bruce McWilliam.
Loan agreement struck
Documents lodged with the ASX on Wednesday list Mr McWilliam as the owner of the shares, with Ms Rinehart’s company Hanrine Finance having a “security deed” â a loan agreement – over the shares.
Ms Rinehart has previously owned interests in Network Ten and Fairfax Media, and also has interests in listed mining companies such as Arafura Rare Earths Ltd (ASX: ARU).
Southern Cross Media merged with Seven West Media earlier this year in a deal worth $400 million, with the combined companies expected to realise $25 to $30 million in annual cost savings.
Seven West’s key brands at the time included the suite of Seven television channels, the newspaper The West Australian, and the free online publication The Nightly.
Southern Cross’s key brands were the Triple M radio network, the Hit network, and the audio streaming service, Listnr.
It is unclear at this stage what Mr McWilliam’s intentions regarding his stake are, although there is reported speculation that he could launch a full takeover bid or seek a board position at some point.
Media companies have struggled in recent years, with the value of both Southern Cross and Seven West falling from figures in the billions to just a couple of hundred million each before the merger went through.
New broom to usher in growth
Southern Cross recently announced the appointment of a new Managing Director, Rohan Lund, who joined the company from his previous role as head of the NRMA from 2016 to 2025, where he “led the organisation’s transformation into a diversified transport, tourism and services group, with a strong focus on digital capability, brand trust, sustainability and member experience”.
Mr Lund has also held roles as Chief Operating Officer of Foxtel, Group Chief Operating Officer of Seven West Media, founding Chief Executive Officer of Yahoo!7, and Chief Strategy Officer at Singtel Optus.
Chairman Heith Mackay- Cruise said of the appointment:
Rohan brings deep media experience, digital and technologyâenabled transformation capability, and valuesâdriven leadership skills. He has led complex organisations through significant change, while maintaining a strong focus on culture, trust and longâterm value creation. The Board is looking forward to working with Rohan to achieve our strategic objectives.
Southern Cross shares were 2.6% higher in early trade at 59.5 cents. The company is valued at $277.7 million.
The post Billionaire Gina Rinehart is behind the buy up of a big stake in which ASX media company? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Southern Cross Media Group right now?
Before you buy Southern Cross Media Group shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Southern Cross Media Group wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
* Returns as of 20 Feb 2026
.custom-cta-button p {
margin-bottom: 0 !important;
}
More reading
Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.